Tuesday, 15 July 2008

New poll

Harriet Harman says "grave cause for concern" for the housing market, but the government is "taking action"

We ask, who is to blame? The government, the banks, estate agents, George Bush, or someone else. Please vote for one, a few or all and tell us if you think someone else is to blame.

Just to expand upon the heading, Harriet Harman was reported by the BBC when she was filling in for the PM recently (he was hiding somewhere I suspect). She painted the picture that all was not lost and it was not as bad as the 1990s.

The opposition said not enough was being done in their house purchase scheme and Harman replied that ministers had asked the Bank of England to provide £50bn to help the banks and had reduced stamp duty. Translated into standard non political language this means the government has done absolutely nothing!

1 comment:

Everybody is to blame - a consequence of greedy banks lending too much money to greedy consumers. There ain't no such thing as a free ride. Which we tend to forget in times of opulence and prosperity.

Yes the banks should have been more responsible, the governments should have kept closer scrutiny - which may have evened out the period of growth and now the period of decline, but the cycle will still happen.